04:18:16 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Canaccord Genuity Group Inc
Symbol CF
Shares Issued 103,070,869
Close 2015-10-07 C$ 5.69
Market Cap C$ 586,473,245
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Canaccord sued by ex-employee Weisgerber

2015-10-08 10:27 ET - Street Wire

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by Mike Caswell

Canaccord Genuity Corp. is being sued in the Supreme Court of British Columbia by a retired broker, John Weisgerber, who claims that he received nothing after he gave up his $22-million book of business. He says that Canaccord facilitated the transfer of his business to another adviser on the understanding he would receive proper compensation. The firm then asked him to resign, after which it did nothing to compensate him, he contends.

The allegations are contained in a notice of claim that Mr. Weisgerber filed at the Vancouver courthouse on Sept. 30, 2015. Mr. Weisgerber identifies himself as a semi-retired resident of Mission, B.C., who worked at Canaccord for 11 years. The defendants are Canaccord and one of its former employees, David Kells.

The problems, as described by Mr. Weisgerber, stem from events that occurred ahead of his Nov. 17, 2011, resignation from the firm. He says that he had transferred his book of business to Mr. Kells ahead of that departure. At the time of the transfer, the book was worth between $22-million and $23-million, according to Mr. Weisgerber. He claims that he was to receive half of the commissions that the book generated until he could complete a formal sale agreement.

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